Market Leader - Oil and Gas Cloud Applications Market

The oil and gas industry uses technologies to optimize its operational as well as infrastructural costs. Hence, the industry adopts cloud technologies extensively. Today, oil and gas companies generate voluminous unstructured data which needs to be managed to get actionable insights. With the help of cloud technology, energy companies have started accessing real-time data and have leveraged analytical capabilities. It has helped oil and gas companies to have scalable solutions and has provided quicker access to data generated in upstream, midstream, and downstream activities. Many energy companies, having analytics-related activities, such as geospatial and 4D seismic modeling, have leveraged the benefits of cloud technologies to get the benefits of pay-per-use modeling. Being the massive and complex industry having many partners, suppliers, subcontractors and employees, cloud computing has played a key role in providing accessibility of data anywhere any time. Various applications, such as Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), and Data Analytics have started leveraging the benefits of cloud applications in the oil and gas industry.

With the growing demand of crude oil and its derivative products such as petrol, kerosene, and diesel to naphtha, there is a need of reducing the high operational cost associated from exploration and production to refining and distribution. The oil and gas vendors are looking for IT solutions which would give out maximum cost benefits with minimum investments. Thus, they require the kind of solutions which can replace their existing in-house systems in the coming years. Cloud-based solutions in oil and gas industry not only reduce the overall cost but also offer lesser and even no-maintenance models and labor engagement.

The cloud application in oil and gas market research report consists of the future market trends globally. It also presents a detailed analysis, market sizing and forecasting for emerging submarkets of cloud applications. The report is thoroughly segmented by type of cloud-based applications, deployment models, organization size, and regions.

North America and Europe are expected to be the highest revenue generating regional market segments for cloud applications market in oil and gas. In terms of Compounded Annual Growth Rate (CAGR), Middle East and Africa (MEA), and Latin America (LA) are forecasted to have high growth rates. Substantial market growth will be seen in the Asia-Pacific (APAC) oil and gas cloud applications market.

MarketsandMarkets has highlighted these key findings in its latest research report. The “Cloud Applications in Oil and Gas - Worldwide Market Forecasts and Analysis (2014-2019)” report is now available for sale.